Achieving the ‘Closed-Loop’ Spend Management Model
Spend Analytics & eSourcing
Spend Analytics & eSourcing: Uniting Dynamic Capabilities for Optimal Spend Management in Procurement
Traditionally, organizations have leveraged and operated eSourcing and spend analytics independently to achieve different, yet related, outcomes.
Spend analytics provides business users with critical business intelligence and visibility into enterprise-wide spend. eSourcing, on the other hand, is the vehicle for action. By increasing your
capabilities to host and manage RFx events and leveraging advanced sourcing optimization strategies, you can begin to capture the opportunities identified during spend analysis
Introducing the Strategic Spend Terminal
Simfoni’s new Strategic Spend Terminal is an integrated solution that elevates spend management to a new level by combining world class spend visibility with sourcing pipeline, project management, and
streamlined sourcing execution. It is designed to be a complete platform for closed-loop strategic spend management and solves the challenges of managing & optimizing spend across the entire organization.
The benefits of using Simfoni's Strategic Spend Terminal
Cost savings: By analyzing spending patterns and identifying areas for improvement, the SST helps companies identify and prioritize savings opportunities and reduce their costs.
Improved supplier relationships: The SST helps businesses to evaluate supplier performance and identify opportunities for collaboration and innovation.
Process efficiencies: The SST streamlines the procurement process by automating tasks, reducing manual data entry, and providing real-time insights.
Risk reduction: The SST helps businesses to identify and mitigate risks related to suppliers, contracts, and regulatory compliance.
Better compliance: Enhanced visibility provides insights into areas of your business that might not be leveraging preferred suppliers.